Sawhney said the soft drinks maker has been making losses for some time and that the deal was to restructure the company, which distributes 7up, Pepsi and Mirinda.

He said delisting Seven-Up from the stock exchange after the takeover would be “logical”. The takeover is subject to shareholder and regulatory approvals, he told Reuters. ($1 = 320.0000 naira) (Reporting by Chijioke Ohuocha; Editing by Adrian Croft)